73% Of Millennials Cite Affordability As Reason They Don’t Own A Home

A large percentage of millennials want to buy homes. But they’re allowing rising home prices—and misconceptions about the market—to keep them stuck in the renting cycle.

According to CoreLogic’s Young Millennial Housing Survey (which was featured in their most recent Home Price Index report), 40% of millennials are extremely or very interested in purchasing a home now (with 64% consistently monitoring prices in their local market). But nearly three-quarters of millennials surveyed (73%) cited affordability as a barrier to homeownership—significantly higher than any other age group.

While affordability may be a challenge, the truth is that there are plenty of millennials out there who could purchase a home, but their misconceptions about what it costs to do that are holding them back. According to a recent survey from lender Laurel Road, 58% of Americans believe you need a 20% down payment to purchase a home—but with today’s flexible lending options, it’s possible to buy a home with very little down.

The Takeaway

If you’re a millennial who wants to buy a home—but don’t think you can afford it—start exploring your options. You might be able to purchase a home with less than you’d imagined and be able to transition to homeownership sooner than you thought possible.

If you think this is just another Real Estate agent's bio, I challenge you to read this to the end. You'll see how working with me is more than selling or buying property. My name is Carl Borey. Welcome and thank you for reading. My journey in the Real Estate industry began in the early 90s as a Mortgage Broker in Florida. For more than 12 years I have been a full-time resident of Palm Springs, and I have seen many changes in this market. Several years ago, I decided to make Real Estate my career again, and I felt I had a responsibility to bring something different to the industry. The Coachella Valley can be a complex and vibrant landscape with opportunities to grow and create change in many areas – including housing. I have believed from day one that buying and selling property is much more than just contracts and keys. This same principle still guides my work today. This is about people's lives. These lives extend far beyond our own front yards. Most of us want to be involved in our communities. Many of us find ways to support our neighbors, whether they are across the street or across town, through charitable donations of time and money. Our local Food Banks, animal rescue organizations, churches, community groups and service clubs do so much with so little. Let's work together to support them. Just as I do in my personal life, I pledge to give back through my professional life. With every transaction that we complete together, I will ask you to select an approved non-profit charity of your choice. I will donate $1,000 from my personal commission to that charity from both of us, in gratitude for you allowing me to join you on your journey. This donation allows your experience with me to inspire a legacy of giving. That is how we can make a difference and build a better community together.

Whether you are a first-time home buyer, a luxury home seller or an investor, you will have a skilled, trusted advisor on your side. My commitment to you, and to my community, is that I will always deliver an experience with integrity, passion and a personalized approach.

From curbside to contract and beyond the sold sign, I am grateful to be here for you.